BitRiver to sue US Treasury over sanctions

The company will demand to remove it from the sanctions list

11.05.2022 - 09:00

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What’s new? The Russian operator of mining centers BitRiver may sue the US Treasury Department because of the sanctions imposed in April 2022. The company told RIA Novosti reporters about this.

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What else is known about BitRiver’s plans? The company stated that the actions of the US Treasury Department cause reputational harm to BitRiver and its international business, the agency’s accusations are unsubstantiated, and there is no legal basis for imposing sanctions.

BitRiver representatives stressed that they are a 100% private company and do not help the Russian authorities to circumvent sanctions. The operator of mining centers will seek to have the restrictions lifted, and will also charge the US Treasury with unfair competition and lobbying the US mining industry.

What events happened before? The US Treasury Department imposed sanctions on the BitRiver mining group on April 20. Its operations and assets, including its 10 subsidiaries, have been completely blocked in the United States, and residents of the country were prohibited from working with BitRiver. The Treasury Department believes that cryptocurrency mining allows Russia to monetize its natural resources, and the US strives to ensure that no asset becomes a mechanism for Russia to circumvent sanctions.

What is known about BitRiver? The company was founded by Igor Runtz in 2017 and is headquartered in Zug, Switzerland. BitRiver provides hosting services and turnkey solutions for large-scale mining. The company has offices in Russia and representative offices in China, Japan, the UAE, South Korea, Switzerland, Germany, and the US. The data center network uses hydroelectric power to operate.

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